South Korean Regulators Turn up Heat on ‘Gangnam Style’ PSY’s NFT Concert Ticket Sales

South Korean regulators are turning their attention to the NFT concert ticket sales of PSY, the singer famous for his hit song “Gangnam Style.” PSY’s entertainment agency, P Nation, launched an NFT-powered pre-sale project for his concert tour in 2023. The agency announced that ticket opportunities would be given to those who owned PSYger NFTs. However, this policy has caught the attention of the South Korean Fair Trade Commission (FTC), who may take action against PSY and his firm. The FTC is also considering investigating exclusive ticket access provided by e-commerce giant Coupang’s Coupang Wow arm, which is a major partner for a future Major League Baseball event in Seoul. Critics are arguing that these practices undermine consumer welfare and amount to reverse discrimination. The outcome of the PSY case could have implications for other K-pop ventures that rely on NFTs and crypto plans to offer exclusive rewards to their fans.